Leading global investment banking, securities, and investment management firm Goldman Sachs has identified Hyderabad as a new location for its global shared services footprint in India. The new Hyderabad office will be the second location for Goldman Sachs Services in India and will complement the Bengaluru office footprint in terms of both the execution and support that it will provide to the firm’s businesses globally.

The company official statement said, "Goldman Sachs has identified Hyderabad as a new location for its global shared services footprint in India. This is a part of the firm’s India location strategy to diversify its geographic presence and enhance talent reach, to support the growing global businesses and enhance long-term competitiveness."

“The new Hyderabad office will be the second location for Goldman Sachs Services in India, and will complement the Bengaluru office footprint in terms of both the execution and support that it will provide to the firm’s businesses globally,” it stated.

The announcement came after representatives of Goldman Sachs interacted with IT and Industries Minister KT Rama Rao and explained their plans to come to Hyderabad over a video conference. The Minister responded positively and stated that the government will provide complete support to the firm in their future ventures. Gunjan Samtani, MD & India Head, Goldman Sachs India, Ravi Krishnan, MD, and Chief Administrative Officer, Goldman Sachs India and Sanjoy Chatterjee, Chairman, Goldman Sachs India were present during the interaction, according to a statement.

The new office here is expected to commence in the second half of 2021 with about 500 employees and has potential for future growth. It will leverage the expertise of the existing leadership in the Bengaluru office, while investing in a strong pool of competitive world-class local talent. Key criteria for the new office location included the availability of commercial real estate and housing for employees, a diverse talent pool, quality infrastructure in the city, and support and commitment from the local government.

The firm’s Bengaluru office, at the outer ring road, with over half of its 6,000 employees as engineers, will continue to be a major location for it in India. However, the new office comes as a part of the firm’s India location strategy to diversify its geographic presence and enhance talent reach, to support the growing global businesses and enhance long-term competitiveness.